The African Democratic Congress presidential candidate, Atiku Abubakar, has urged President Bola Tinubu to account for Nigeria's existing debt before proceeding with a proposed $1.5bn World Bank borrowing. According to the Debt Management Office, Nigeria's total public debt has risen to ₦166.79tn as of June 30, 2026. Atiku's demand comes as fresh World Bank documents reveal that the Federal Government is discussing three proposed financing facilities worth $1.5bn.
The proposed borrowing consists of three separate $500m facilities for climate resilience, social protection, and early childhood development. The World Bank has scheduled October 29, 2026, for consideration of the facility for the Agro-Climatic Resilience in Semi-Arid Landscapes project. If approved, it would increase the project's total financing from $700m to $1.2bn. The other proposed facilities are a $500m Nigeria Early Childhood Development programme and a $500m Household Prosperity and Empowerment–Social Protection Project.
Atiku questioned the widening gap between the government's claims of increased revenue and savings from the removal of petrol subsidy and the continued accumulation of public debt. He argued that Nigerians had been subjected to difficult economic reforms while the country's borrowing continued to rise. Atiku demanded that the government publish the projects to be funded, the communities and citizens expected to benefit, and the terms of borrowing and disbursement.
The World Bank's current country programme emphasizes early childhood development, social protection, and building resilience among vulnerable households. Its April 2026 Nigeria Development Update reported that household incomes had yet to fully recover and poverty remained high. The proposed financing is intended to support economic stabilization, protect vulnerable Nigerians, and strengthen domestic revenue mobilization.
Atiku acknowledged that the objectives of the proposed programmes addressed genuine development needs but stressed the need for transparency over existing borrowing. He challenged the administration to provide Nigerians with a clear account of previous loans and the projects or programmes financed with them. Atiku also sought an amendment of the suit challenging Tinubu's re-election.
The Federal High Court in Abuja adjourned till October 13, 2026, for the hearing of a motion to amend the originating summons in the suit filed by Atiku Abubakar and the African Democratic Congress against President Bola Tinubu. The suit marked FHC/ABJ/CS/1888/2026 was slated for further mention before Justice Inyang Ekwo.
Nigeria has previously obtained substantial World Bank financing under the Tinubu administration, including a $1.5bn Development Policy Financing programme and a separate $750m programme aimed at accelerating resource mobilization reforms. Atiku's intervention emphasizes the need for transparency and measurable outcomes of existing borrowing as the government seeks additional financing for new development programmes.
Key points
- Atiku Abubakar demands account of Nigeria's existing debt before new World Bank loan.
- Proposed $1.5bn World Bank loan consists of three separate $500m facilities.
- Nigeria's total public debt has risen to ₦166.79tn as of June 30, 2026.
